Group Chairman's Message

The year has come to an end. The year began with huge optimism and as we come to the close there are mixed feelings.

It is heartening to note that India's economy became the world's fastest growing major economy from the last quarter of 2014, replacing the People's Republic of China. The Indian economy has the potential to become the world's 3rd-largest economy by the next decade, and one of the largest economies by mid-century. And the outlook for short-term growth is also good as according to the IMF, the Indian economy is the "bright spot" in the global landscape. India also topped the World Bank’s growth outlook for 2015-16 for the first time with the economy having grown 7.3% in 2014-15 and expected to grow 7.5-8.3% in 2015-16.

However, as we look back in past 12 months, and even as the macro economic overview seemed sound, things looked not so promising on the ground, or at micro level. Over the last year exports dropped by 16.5% or $20 billion. Job creation too has been slim in April-June 2015, we recorded 43,000 new jobs as against 1.82 lakh jobs in the same period in previous year.

Political skirmishes held back major reforms including the very urgent GST. Land reforms, on which the industry had pinned its hope, too were rolled back. Politics prevailed upon politics, and by the time we came to the close of the year, the scenario seemed confused.

However, things are likely to certainly look up. Governance has improved and we have better access to government grievance redressal mechanism. The industry is getting more competitive and adapting to global realities including changes in work culture and concern for environment. We at Bhilwara too have been reorienting ourselves to the new dynamics around us including customising our products as per changes in consumers preferences as well as embracing new, progressive policies and showing concern for environment.

In fact, concern on environment and concerted effort by all stakeholders on this is a positive takeaway from this year and I am certain we in industry have a critical role to play. At Bhilwara we have always cared for the environment and have continuously reduced our carbon footprints over the years.

I compliment the Opinion Team to have moved ahead in this direction by launching a digital version of this in-house newsletter, which nicely encapsulates all developments and achievements across our facilities. This initiative is yet another reflection of our commitments to Prime Minister Swacchh Bharat Abhiyaan.

As we prepare for yet another challenging year, I wish to encourage all of you to continue with your zeal and plentiful passion that you are endowed with. I shall continue to be by your side, as always.